Northern Oil's Hedge Strategy Evaluated: Analyst Sees Strong Production And Capital Spending Avenues
Portfolio Pulse from Nabaparna Bhattacharya
RBC Capital Markets analyst Scott Hanold has reiterated an Outperform rating on Northern Oil And Gas, Inc. (NYSE:NOG) with a price target of $46. Hanold anticipates strong production and capital spending avenues for NOG, with M&A being a core strategic growth option. The analyst's 3Q23 EPS/CFPS estimates for NOG have increased, reflecting final commodity prices and better oil production. Hanold also expects Q3 capital spending at $195 million, above the consensus estimate. NOG shares are trading higher by 1.27% to $41.01.
October 10, 2023 | 7:35 pm
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Northern Oil And Gas, Inc. (NYSE:NOG) has received an Outperform rating from RBC Capital Markets analyst Scott Hanold, with a price target of $46. The analyst anticipates strong production and capital spending avenues for NOG, with M&A being a core strategic growth option. NOG shares are trading higher by 1.27% to $41.01.
The Outperform rating and the price target of $46 by RBC Capital Markets analyst Scott Hanold indicate a positive outlook for Northern Oil And Gas, Inc. (NYSE:NOG). The analyst's anticipation of strong production and capital spending avenues, along with M&A being a core strategic growth option, are likely to boost investor confidence and potentially drive the stock price up in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100